Facebook Stock Drop a "Gross Overreaction"- Gene Munster
Facebook’s latest troubles sent shares down nearly 7 percent Monday, making it the worst performing stock in the Cheddar 50. But long-time tech analyst Gene Munster, Managing Partner of VC firm Loup Ventures, saw it as a “gross overreaction.”
This scandal is a blip in the bigger pictures, Munster told Cheddar.
As of 2017, the social media giant has over two billion active users a month and advertisers continue to get a high return on the platform, explained Munster.
“These issues around controls and compliance is [are] something that every big company gets hit with,” he said, citing similar problems for Snapchat and Baidu.
“This is something that we believe Facebook will solve.”
The social media giant came under fire from investors after news a data firm, Cambridge Analytica, got access to information from some 50 million users without their permission. That data was reportedly used to help President Donald Trump’s campaign during the 2016 election.
Facebook’s drop Monday brought down much of the tech sector. The Nasdaq fell more than 1.8 percent, while the Dow Industrials was down more than 330 points.
President Joe Biden on Wednesday announced a proposed rule by the Federal Trade Commission to ban any hidden and bogus junk fees, which can mask the total cost of concert tickets, hotel rooms and utility bills.
The challenges of finding a job are different for everyone, especially for the neurodiverse community, which often includes those who have autism or ADHD. The docuseries Ready4Work follows a job seeker who is neurodivergent.
An organizer estimated that more than 300 locations have been impacted, while a Walgreens spokesman said no more than a dozen pharmacies saw disruptions.
